Kingspan Group - Well positioned to close out a decade of real progress

Davy Research
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Kingspan remains a stand-out and a top pick of ours in the European building materials sector. Results for 2018, due on February 22nd, will confirm an eighth consecutive year of double-digit earnings growth. The operational outlook for the group on balance remains reasonable, and there is also the potential to deploy a de-leveraging balance sheet. Kingspan warrants a premium multiple and we are confident the stock can once again outperform. Our price target is €45.50, giving upside of over 20%.